Jindal to Invest $6.3 Billion as Bolivia Fails: Corporate India

Jindal Steel & Power Ltd., India’s second-biggest steelmaker by value, will spend 350 billion rupees ($6.3 billion) to expand production at home and in Oman after scrapping a deal to develop a Bolivian iron ore mine.

Factory capacity will more than quadruple to 13 million metric tons by 2015, V.R. Sharma, chief executive officer of the steel business, said yesterday in a phone interview. The company, which runs a 3 million ton-a-year mill in India’s central state of Chhattisgarh, is building a 5 million ton plant in the eastern state of Orissa, a 3 million ton mill in Jharkhand and a 2 million ton facility in Oman, he said.